Instem Share Discussion Threads

[iamtheapeman] 05/3/2003 13:52

Hand reduction and adams apple removal is a tricky (and painfull) business overlooked by many tranies, I however am in the unique position of being able to offer both surgical services, you can visit my website @ www.drjamescoburn.com if you want futher information.

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[sugarbeast] 05/3/2003 13:35

sounds like you have an experience you'd like to share with us,iatam!

[iamtheapeman] 05/3/2003 13:33

My, haven't you got big hands for a lady

[sugarbeast] 05/3/2003 13:30

I've always liked Winston Churchill's response when told by a female MP in the House of Commons that he was drunk :'madam,you are ugly,but in the morning,I shall be sober!'

[azalea] 28/2/2003 18:17

The recent announcement (a few weeks ahead of the Prelims) that Artemis has aquired a 7.35% stake in Infast, is a very positive signal for the future. With the GBP in free fall against the euro and the $U.S. it should give INS a very significant advantage over its competitors in those areas.

[singing the blues] 30/1/2003 21:53

Big trades today, any ideas??

[ydderf] 19/1/2003 15:52

would someone like to explain, seriously, what difference it makes that the st has said 'buy' - their record is apalling and after all, it is only one scribbler's opinion - no better or worse than any here ( except mine, which is demonstrably superior - outperformed the ftse by 68% last year!!

[lesk] 19/1/2003 13:18

about time too. Been holding these a lifetime, it seems. :@)

[maxbubble] 19/1/2003 13:12

sunday telegraph - buy

[azalea] 14/1/2003 18:15

The all 'buys' today may signal the drying up of selling as the end of year is reached. The FY results should be good after an encouraging Interim, directors buying and record new car sales in the UK for 2002.

[lesk] 28/11/2002 10:10

share price continuing to strengthen - glad I hold these now..

[lesk] 02/11/2002 15:03

I agree and I don't understand where this company is going yet - my investment has halved and I can't see it coming back..................hope I'm wrong!

;@)

[azalea] 02/11/2002 14:23

I found it somewhat puzzling as to why two directors have very recently made purchases after the shares went XD. I wonder what has happened in the intervening period to spark the buying action?

[wirralowl] 17/10/2002 00:39

Now up over 10% !?!

[wirralowl] 16/10/2002 08:45

Infast chart looking pretty good in my eyes now. Up nearly 7% this am on a 'down-day' - has it been tipped or is there impending good news, anyone ?

[dobcroft] 27/9/2002 15:47

Nice to see a meaningful purchase by a Director for a change.

Making me consider a small purchase now.

[azalea] 26/9/2002 20:23

If INS can report these sort of figures (which look good to me) in a flat mkt, what could it do in a recovering mkt. I'm quite happy to keep holding on this result, with the potential of good figures for the full year.

Of course, with JO Hambro sitting on a very large 26.4% stake, it might decide to engage in some corporate action on the basis of good full year figures to come?

[dr eh rook] 26/9/2002 17:24

Looking good after todays figures/trades. Company strong on outlook should at least make up the recent falls IMO and go further.

[dr eh rook] 26/9/2002 08:38

Results out today guys. Superb read and no hidden surprises. Onwards and upwards:
RNS Number:6521B
Infast Group PLC
26 September 2002

INTERIM RESULTS 2002


Infast Group plc ("Infast" or the "Company"), the industrial inventory
management services group, is pleased to announce its interim results for the
six months to 30 June 2002.

Highlights

* Turnover at #80.2m (2001: #70.8m)

* Operating profit before goodwill at #3.1m (2001: #2.7m pre-exceptionals)

* Pre-tax profit at #1.9m (2001: #nil)

* Earnings per share of 1.0p (2001: loss per share 0.6p)

* Interim dividend per share unchanged at 0.8p

* Debt reduced by #2.4m to #14.8m

* Increased demand for Infast services - further growth anticipated

Roger Leverton, Chairman of Infast, said: "Even though our markets show little
sign of improvement, the demand for Infast services is generating additional
business with both new and existing customers. This gives us confidence that
growth will continue as we accelerate the Company's development."

For further information, please contact:

Infast Group plc Tel: 01452 880 500
Robert Sternick, Group Chief Executive

Rawlings Financial PR Limited Tel: 01756 770 376
John Rawlings
Catriona Valentine



CHAIRMAN'S STATEMENT


In this, my last statement as Chairman and the first period in respect of which
the Company has been able to report as a pure inventory management services
business, it is pleasing to report progress in our financial results, achieved
against a background of continuing flat industrial markets in the UK and USA.

Financial Results

Group turnover increased to #80.2m (2001: #70.8m), an overall 13% increase on
the same period last year, and reflects a major increase within our inventory
management service activities of 24%, which benefited significantly from the new
contracts awarded in the second half of last year. Operating profit before
goodwill amortisation was #3.1m (2001: #2.7m), up 15% on the first half of last
year and almost double the comparable figure in the second half. Goodwill
amortisation was #0.7m (2001: #0.6m) and the interest charge was unchanged at
#0.5m. The tax charge was #0.8m (2001: #0.7m) an effective rate of 32% similar
to last year.

Earnings per share rose significantly to 1.0p (2001: 0.6p loss) the previous
year's figure being impacted by losses on disposal of businesses. Adjusted
earnings per share, which is struck before losses associated with discontinued
businesses and goodwill amortisation marginally increased to 1.6p (2001: 1.5p).

In a period of significant growth for the Group it is particularly pleasing to
report a net cash inflow from operating activities of #3.6m (2001: nil) and the
resultant reduction in our net debt to #14.8m (December 2001: #17.2m). This has
been achieved by the implementation of a number of initiatives to control and
manage our working capital particularly in the area of stock holding where we
saw a fall of #0.7m in the period.

Dividend

The Board recommends an unchanged interim dividend of 0.8p per share.

Operating Performance

The Industrial Division has successfully consolidated its southern operations
into its Distribution Technical Centre at Gloucester into which some of the
smaller Distribution Service Centres have been integrated and the benefits of
that restructuring are now being realised. In addition, this Division has won a
number of long-term contracts in growth markets and is well placed to bid for
work both in the UK and Continental Europe. The Industrial Division operating
out of Chesterfield has now been managing the BAE Systems contract for the
supply of industrial consumables to its UK sites for a year. We are pleased to
report the contract is performing well and that the Division has seen some other
aspects of its businesses also improving including Everbright, our specialist
Stainless Steel operation.

The turnover of the Premier Automotive Division in the UK has increased
significantly with the demand created by, in particular, the new Mini and the
Jaguar X type. The Division was also awarded a major contract with Perkins
Engines Company in Peterborough which has required substantial resources and
costs in order to ensure successful implementation is achieved.

In the USA, the opportunity has been taken to rebrand the Company's operations
under the Infast banner so that its subsidiary, Fabricated Components Inc., is
now known as Infast USA, Inc. The new inventory management service contracts
recently commenced are performing well and show good growth potential, at the
same time negotiations regarding significant new business are well advanced.
The restructured and strengthened USA organisation, is now well placed for
future growth in what is a large and important market place for our products and
range of services.

The market for fastener manufacturers in the UK remains difficult, with some
rationalisation occurring. However, the cost cutting and improvement actions
implemented last year have allowed the Group's operations to show an improved
performance. We are continuing to focus our efforts on the value added end of
the market where we can compete successfully against imported product. In
addition, the management team of the manufacturing operations has been
strengthened with the appointment of a new Group Manufacturing Director in the
early part of this month.

Additional resources have been expended in the period to develop the management
of our supply chain and Group Purchasing. This has culminated in the adoption
of a formal Supply Chain Development (SCD) Programme, which was launched with
our major suppliers earlier this month with implementation now well underway.
The SCD programme will, with the addition of our newly established sourcing
office in Singapore, provide significant benefit over the coming months and
years.

The previously reported development of the Group's IT systems (IBS2), designed
to maintain our competitive edge, is continuing with substantial progress being
made on the distribution systems which will commence a phased roll-out later in
the year.

The Company believes strongly in the sustained development and training of its
employees to ensure that they understand thoroughly how best to service its
customers, achieve higher returns and to provide ample opportunity for their
needs and career aspirations. We have therefore put in place an on-going
leadership management programme which is already creating new initiatives and
culture throughout the Group.

Board of Directors

As reported in the Company's Annual Report, I have decided that after five years
in the position it would be appropriate for me to step down as Chairman and a
Director of the Company and, as previously announced, my replacement, Graham
Titcombe, has taken up the position of non-executive Chairman with effect from
24th September 2002. I wish him every success in his new role.

Current Trading and Prospects

We continue to invest significantly in our management, our people, our systems
and our relationships with suppliers and customers to enable us to continue to
extend our leadership and to meet the challenges of the growth in demand for the
outsourcing of inventory management services.

Even though our markets show little sign of improvement, the demand for Infast
services is generating additional business with both new and existing customers.
This gives us confidence that growth will continue as we accelerate the
Company's development.

Roger Leverton
Chairman
26 September 2002



CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 June 2002

Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m
Turnover (Note 1)
Continuing operations 80.2 64.8 134.1
Discontinued operations - 6.0 8.5
------ ------ ------
80.2 70.8 142.6

Operating Costs
Goodwill amortisation (0.7) (0.6) (1.3)
Additional stock provisions - - (1.0)
Other operating costs (77.1) (68.5) (138.7)
Exceptional operating costs - - (1.8)
Release of provision for
closure costs - 0.4 0.4
------ ------ ------
(77.8) (68.7) (142.4)
------ ------ ------
Operating profit/(loss) (Note 4)
Continuing operations 2.4 2.3 0.5
Discontinued operations - (0.2) (0.3)
------ ------ ------
2.4 2.1 0.2

Loss on sale of business
Deficit to net assets - (1.5) (1.0)
Goodwill previously written
off now realised - (0.1) (0.1)
------ ------ ------
- (1.6) (1.1)
------ ------ ------
Profit/(loss) on ordinary
activities before interest 2.4 0.5 (0.9)

Net interest (0.5) (0.5) (0.8)

Profit/(loss) on ordinary
activities before taxation 1.9 - (1.7)

Taxation on profit/(loss) on
ordinary activities (Note 6) (0.8) (0.7) (0.1)
------ ------ ------
Profit/(loss) for the
financial period 1.1 (0.7) (1.8)
Dividends (Note 7) (0.9) (0.9) (2.3)
------ ------ ------
Retained profit/(loss) for the
period 0.2 (1.6) (4.1)
====== ====== ======

Basic earnings/(loss) per
share (Note 8) 1.0p (0.6)p (1.6)p

Adjusted earnings per
share (Note 8) 1.6p 1.5p 2.4p

Diluted earnings/(loss) per
share (Note 8) 1.0p (0.6)p (1.6)p

Dividend per share 0.8p 0.8p 2.0p



GROUP BALANCE SHEET
As at 30 June 2002

As at As at As at
30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m
Fixed assets
Intangible fixed assets 21.0 22.5 21.7
Tangible fixed assets 15.2 17.9 15.0
Investments 2.2 2.4 2.3
------ ------ ------
38.4 42.8 39.0
Current assets
Stocks 24.3 24.8 25.0
Debtors 40.5 36.9 36.5
Cash at bank and in hand 0.2 1.4 0.2
------ ------ ------
65.0 63.1 61.7
Creditors:
Amounts falling due within
one year (41.8) (37.3) (36.0)
------ ------ ------
Net current assets 23.2 25.8 25.7
------ ------ ------
Total assets less current
liabilities 61.6 68.6 64.7

Creditors:
Amounts falling due after
more than one year (7.2) (10.8) (10.3)

Provisions for liabilities
and charges (0.7) (1.7) (0.8)
------ ------ ------
53.7 56.1 53.6
====== ====== ======
Capital and reserves
Called up share capital 22.9 22.9 22.9
Share premium 9.8 9.8 9.8
Other reserves 4.0 4.0 4.0
Profit and loss account 16.7 19.1 16.6
------ ------ ------
Equity shareholders' funds 53.4 55.8 53.3
Equity minority interest 0.3 0.3 0.3
------ ------ ------
53.7 56.1 53.6
====== ====== ======


Included within net current assets and creditors due after more than one year is
net debt of #14.8m (2001 whole year: #17.2m; 2001 half year: #20.3m).


SUMMARY CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2002

Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m
Net cash inflow from operating
activities (Note 11) 3.6 - 3.1

Net interest paid (0.5) (0.5) (0.7)

Tax received/(paid) 0.5 0.2 (0.3)

Capital expenditure
Payments to acquire tangible
fixed assets (1.6) (1.6) (3.4)
Receipts from the disposal of
tangible fixed assets 0.4 1.9 5.2

Acquisitions and disposals
Acquisitions of subsidiary
undertakings - (7.2) (7.3)
Overdraft acquired - (0.3) (0.3)
Disposal of subsidiary
undertakings - - 1.5
Overdraft disposed - - (0.3)

Equity dividends paid - - (2.3)

Management of liquid resources
Cash inflow on short term
deposits - 5.8 5.8
------ ------ ------
Net cash inflow/(outflow)
before financing 2.4 (1.7) 1.0


Financing
Repayment of finance lease
obligations (0.6) (0.7) (1.3)
Repayment of loans (2.5) (2.5) (2.5)
Repayment of loan notes - (1.1) (1.1)
------ ------ ------
Net cash outflow from financing (3.1) (4.3) (4.9)
------ ------ ------
Decrease in cash (0.7) (6.0) (3.9)
====== ====== ======


Under FRS 1 (revised), cash is defined as cash in hand plus deposits less
overdrafts, each of which are repayable on demand. Bank deposits, which are not
repayable on demand are treated as liquid resources, and not cash, in the cash
flow statement but are netted off against bank overdrafts in the balance sheet
where there is right of set-off.



CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 30 June 2002

Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m
Profit/(loss) for the financial
period 1.1 (0.7) (1.8)
Exchange adjustments (0.1) 0.1 -
------ ------ ------
Total recognised gains and
losses in the period 1.0 (0.6) (1.8)
====== ====== ======



NOTES TO THE ACCOUNTS

1. Basis of Preparation

The accounts have been prepared in accordance with applicable accounting
standards under the historical cost convention and using the accounting policies
as set out on pages 26 and 27 of the Annual Report and Accounts 2001.

The above accounts do not constitute full accounts within the meaning of Section
240 of the Companies Act 1985. Full audited accounts for the year ended 31
December 2001 have been filed with the Registrar of Companies. The audit report
on those accounts was unqualified and contained no statement under S237(2) or
(3) of the Companies Act 1985. Copies of this report have been sent to
Shareholders and are also available at the Company's registered office.

2. Acquisition

On 29 January 2001, the Group acquired the shares of Rothco Inc. and its
subsidiary, Fabricated Components Inc., for $10.3m (#7.0m) before costs. The
results of Fabricated Components Inc. since this date have been disclosed within
the Fastener division. Rothco Inc. does not trade.

3. Disposals

On 10 September 2001, the Group disposed of MacLellan Integrated Services Inc.
and Brandt Filtration Group Inc. for consideration of $2.2m (#1.5m).
Consequently, the results of these businesses to 30 June and 31 December 2001
have been disclosed within discontinued activities.

4. Segmental Analysis

Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m
Turnover

Continuing operations
Fasteners 80.2 64.8 134.1

Discontinued operations - 6.0 8.5
------ ------ ------
80.2 70.8 142.6
====== ====== ======
Operating profit/(loss)

Fasteners 3.1 2.9 4.6

Goodwill amortisation (0.7) (0.6) (1.3)
Additional Stock provisions - - (1.0)
Operating exceptional items - - (1.8)
------ ------ ------
2.4 2.3 0.5

Discontinued operations - (0.2) (0.3)
------ ------ ------
2.4 2.1 0.2
====== ====== ======


Discontinued operations in 2001 include the results of the former MacLellan
Integrated Services, Inc. and Brandt Filtration Group, Inc.

Goodwill amortisation, additional stock provisions and operating exceptional
items relate entirely to continuing fastener operations.

5. Exceptional Items

Continuing operations exceptional items incurred in 2001 of #1.8m related to the
reorganisation of a fastener manufacturing operation. There were no operating
exceptional items in 2002.

6. Taxation

Taxation has been provided at an effective rate of 32% (2001: 32%) which
represents an estimate of the year ending 31 December 2002.

Taxation is calculated by applying the directors' best estimate of the annual
tax rate to the result for the period. There has been no effect on the tax
charge of the Group as a result of implementing FRS 19 Deferred Tax.

7. Dividend

The interim dividend is payable on 31 October 2002 to shareholders on the
register at close of business on 11 October 2002.

8. Earnings per share

The calculation of basic and diluted earnings per share of 1.0p (2001 whole
year: loss of 1.6p, 2001 half year: loss of 0.6p) is based on the Group profit
of #1.1m (2001 whole year: loss of #1.8m, 2001 half year: loss of #0.7m) and on
the weighted average number of 20p ordinary shares in issue during the period of
114.3m (2001 whole year: 114.3m; 2001 half year: 114.3m). Adjusted basic
earnings per share is calculated as follows:

EARNINGS EARNINGS PER SHARE
Year Year
Six months to ended Six months to ended
30 June 31 Dec 30 June 31 Dec
2002 2001 2001 2002 2001 2001
Unaudited Unaudited Audited Unaudited Unaudited Audited
#m #m #m pence pence pence

Basic earnings/
(loss) and earnings
/(loss) per share 1.1 (0.7) (1.8) 1.0 (0.6) (1.6)

Basic (loss)/
earnings and(loss)/
earnings per share
attributable to:
Loss on sale of
businesses - 1.6 1.1 - 1.4 1.0
Goodwill
amortisation 0.7 0.6 1.3 0.6 0.5 1.1
Additional stock
provisions - - 1.0 - - 0.8
Operating
exceptional items -
continuing
operations - - 1.8 - - 1.6
Tax credit on
operating
exceptional items - - (0.8) - - (0.7)

Discontinued
operations (after
interest, tax and
minority interests) - 0.2 0.2 - 0.2 0.2
------ ------ ------ ------ ------ ------
Adjusted basic
earnings and
earnings per share 1.8 1.7 2.8 1.6 1.5 2.4
====== ====== ====== ====== ====== ======


The adjusted basic earnings per share is presented so as to show more clearly
the underlying performance of the Group for continuing operations.

9. Net Debt

The Group's net debt/(funds) can be summarised as follows:

30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m

Cash at bank (0.2) (1.4) (0.2)
------ ------ ------
Net cash at bank (0.2) (1.4) (0.2)
Bank overdraft 4.5 7.2 3.8
Medium term loan 9.3 12.7 12.2
Finance leases 1.2 1.8 1.4
------ ------ ------
14.8 20.3 17.2
====== ====== ======


10. Reconciliation of net cash flow to movement in net debt

Six months to Six months to Year ended
30 June 2002 30 June 2001 31 Dec 2001
Unaudited Unaudited Audited
#m #m #m
Decrease in cash as shown in cash
flow statement (0.7) (6.0) (3.9)
Adjust for:
Loans repaid 2.5 2.5 2.5
Finance lease repayments 0.6 0.7 1.3
Loan notes repaid - 1.1 1.1
Cash held on short term deposit - (5.8) (5.8)
------ ------ ------
Change in net debt resulting
from cash flow 2.4 (7.5) (4.8)
Finance leases transferred
on disposal of subsidiary
undertakings - - 0.1
New finance leases (0.4) (0.5) (0.8)
Exchange movements 0.4 (0.9) (0.3)
------ ------ ------
Movement in net debt in
the period 2.4 (8.9) (5.8)
Net debt at the beginning
of the period (17.2) (11.4) (11.4)
------ ------ ------
Net debt at the end of the
period

[cockneyrebel] 21/9/2002 17:17

Load up with more Hornby now Freddy, if you want 50% in two months imo.

CR

[ydderf] 21/9/2002 15:23

i triggered the price fall a few days ago with a persistent enquiry about a price to sell 100,000, in the end i became impatient becasue i knew the shares were out of line with the rest of the market and would fall on small volume eventually until a new buying level was established, so i sold 10 at 27 and then 25 at 26, the price fell sharply on that and i waited a day before buying 45 at 22.37 - most of the other transactions were triggered stop losses and opportunistic purchases, so now a new level has been established ! Stop trying to impute wisdom and superior knoweldge into essentially brainless buying and selling decisions by unconnected holders!

[cockneyrebel] 20/9/2002 13:14

A few buys coming in today - same with Henlys too.

Seems to me this whole sector may have been walloped more than it should have been. In normal times both these stocks would have seen trading statements re-shareprice. But with results so near, and with all stocks diving then to the company it looks like they are just getting hit with the rest of the market.

The one thing that has always made me think things have been overdone was that director buy on April 2 - 1.5m @ 27.34p - his maiden purchase. There were several other directors buying that day too - up to 182K by Roger Leverton.

Suits me if the price doesn't budge till the results - would like a ton more of these when numbers are confirmed.

CR